Karaikal Ports
Vedanta, Adani Ports, JSW Infra, Jindal Power submit EOIs for Karaikal Port auction
The upcoming auction of Karaikal Port, which is undergoing insolvency procedure under the National Company Law Tribunal (NCLT), is likely to see the participation of Vedanta, Adani Ports and Special Economic Zone, JSW Infrastructure, Jindal Power, and a consortium of RKG Fund and Sagacious Capital, media reports said.
The entities submitted expressions of interest to bid for the company that handled diverse cargo such as coal, sugar, cement, fertilisers, project cargo, agro commodities, liquid cargo and containers, ET reported.
Located near Karaikal town in the Union Territory of Puducherry, it was commissioned in April 2009 and developed on an area of 600 acres.
The company has a debt of Rs 2,960 crore that it was unable to repay, after which one of its financial creditors Omkara Asset Reconstruction Company filed an insolvency application.
By an order dated April 29, the Chennai bench of NCLT admitted Karaikal Port for insolvency proceedings.
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